Business
AmeriCann Reports Record Fiscal Year-End and Quarterly Financial Results
AmeriCann Reports Record Fiscal Year-End and Quarterly Financial Results.
About this update from Americann Inc.
[{"type":"text","content":"\n BOSTON, Jan. 09, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- AmeriCann Inc. (OTCQB: ACAN) (the “Company”), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, released financial and operational results for its fiscal year and quarter ending September 2022. “Our focus on cost efficiency has produced some of the strongest adjusted operating EBITDA margins in the industry,” said CFO Ben Barton. “We look forward to investing the cash flow we are generating to further expand operations at the Massachusetts Cannabis Center and to produce even better financial results for shareholders. Financial Overview The Company achieved four consecutive quarters of increased operating revenue, culminating in record net income for the quarter ending September 2022. Revenue from operations increased approximately 44% for the year ended September 2022 relative to the year ended September 2021, an increase of $899,268. AmeriCann’s adjusted annual EBITDA grew to $1,465,987, a 160% increase from the prior year. The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company's initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. Building 1 is a 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann’s proprietary “Cannopy” cultivation system. Building 1 is fully occupied by Bask Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann receives base rent and a revenue participation fee of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at the Massachusetts Cannabis Center. As operations commenced and accelerated at Building 1, AmeriCann established many milestones for its financial performance. AmeriCann commenced operations at its Massachusetts Cannabis Center in 2019, and, since then, the Company has generated more quarterly revenue each quarter than the same quarter the prior year. Highlights for the Fiscal Year Ended Sept. 30, 2022 Accelerating revenue, net income and adjusted operating EBITDA driven by the performance of the Company’s Massachusetts Cannabis Center.Revenue increas...